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3. use the theory of market( i.e demand and supply ) to expaln what is happening in each of the following scenario
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- 9 3. What is wrong with the statement: “If the market price of good Z rose to $100,000, then no one could afford to buy it”? Use a graph to answer. please explain your answer. Also, use economic terms and not mathematics. thank you.1. Market Equilibrium How will the quantity and price of cars change in response to each of the following separate events? A. A new supply of oil is discovered and the price of gasoline decreases. B. The U.S. enters into a free-trade agreement that reduces the price of steel imports. C. The U.S. government funds the development of a better commuter rail system D. During the Great Recession, General Motors goes bankrupt and closes down. E. World War 3 breaks out and the government begins demanding more tanks. Fill out the table below. The answer for each blank should be either increase, decrease, or no changes. Event A. Gas price decreases B. Steel price decreases C. Commuter rail expands D. GM goes bankrupt E. Demanding more tanks Supply Demand Quantity Quantity (MC) (MB) Supplied Demanded Price Now, suppose that there are multiple events in the market. To be more specific, during the Great Recession, General Motors goes bankrupt and closes. At the same time, the U.S. government funds…1. Which of the following is true of any market? a. The interaction of demand and supply determines the price and quantity in that market. b. There must be a supply of the item but not necessarily a demand for the item. c. Demand and supply are always equal for an item. d. There must be a demand for the item but not necessarily a supply of the item. e. The market will always be in equilibrium 2. During the fall of 2015, many vacationers on cruise liners became ill while on board their ships. Consequently, there was a a. Decrease in the quantity demanded of cruise vacations but no change in the demand for cruise vacations. b. Decrease in the demand for cruise vacations. c. Increase in the quantity supplied of cruise vacations but no change in the supply of cruise vacations. d. Increase in the supply of cruise vacations. 3. Which of the following statements is false? a. As more buyers enter the market, the market demand curve shifts to the right. b. As income falls, the…
- Please provide answers no need long explanation just a simple one. Consider the market for wood burning stoves, if there is a decrease in the price of electricity and natural gas. Change in market equilibrium price: Increase Decrease Did not Change Indeterminate Change in market equilibrium quantity: Increase Decrease Din not change Indeteminate Change in Demand: Increase Decrease Din not change Indeteminate Change in Supply: Increase Decrease Din not change IndeteminateIn 2011 oil production in Libya was interrupted by political unrest. At the same time, the demand for oil by China continued to rise.a. Demonstrate the impact on the quantity of oil bought and sold. Instructions: Draw a parallel shift in the demand or supply curve(s) by grabbing, dragging, and then dropping the curve(s) to the new position(s). In the market for oil, compared to the initial equilibrium (E0), the impact of these events on price is (Click to select) (to increase price, to decrease price or uncertain) and the impact on quantity is (Click to select) (to decrease quantity, to increase quantity, or uncertain)b. Oil production in Libya returned to its original levels by the end of 2012. What was the likely effect on equilibrium oil price and quantity?Compared to the equilibrium identified in part a, price will (Click to select) ( remain unchanged, decrease, increase) and quantity will (Click to select) (increase, decrease, or remain unchanged )d) Assume instead there is an increase in the price of tin, a major input in producing gadgets. Whatwill be the effect of an increase in the price of tin on the market for gadgets?
- Consider the market for new houses. If the price of lumber increases significantly, explain the effect of the change on the market equilibrium for new houses. Use the 4 step process in your answer. View keyboard shortcuts1. Illustrate each of the following events using a demand and supply diagram for bananas. a. Reports surface that imported bananas are infected with a deadly virus. b. Consumers' incomes drop. c. The price of bananas rises. d. The price of oranges falls. e. Consumers expect the price of bananas to decrease in the future. Answer true or false and if the statement is falseIn supply and demand theory, an increase in consumer income will: A. Shift the demand curve for a normal good in and to the left, lowering the equilibrium price but raising the equilibrium quantity. OB. Shift the supply curve out and to the right, lowering the equilibrium price but raising the equilibrium quantity. OC. Shift the demand curve for a normal good out and to the right, raising the equilibrium price and quantity. D. Shift the demand curve for a normal good out and to the right, lowering the equilibrium price but raising the equilibrium quantity. OE. Shift the supply curve in and to the left, lowering the equilibrium price and quantity. Moving to the next
- 1. Use the market model of supply and demand to illustrate and explain the impact of the following events on the market for coffee. Make sure to identify which side(s) of the market is impacted, explain why it is impacted, how it is impacted, and the overall impact on the equilibrium price and quantity. a) The price of tea goes up by 100 percent. b) A study is released that links consumption of caffeine to increased incidence of cancer. c) Workers in the coffee industry unionize and negotiate higher wages.6. Raleigh and Austin are a young couple, and the only people in their family. Raleigh's monthly demand for pints of ice cream is given by QD=20 - P and Austin's monthly demand for pints of ice cream is given by QD=10-2 P. a. Graph their family demand curve for ice cream. b. Calculate how many pints of ice cream their family buys when P = 10 and when P=4. III. Supply 1. Complete the sentences: Firms determine how much of a good to supply on the basis of 2. List three other factors of supply and explain their effects. 1) 2) 3) and